November 14, 2017

New NAB policy leaves the door open to more coal, oil and gas investment

MELBOURNE, 14 November, 2017 — Australia called the National Australia Bank’s (NAB) new sustainability report “disappointing” and a missed opportunity for climate leadership because it leaves the door open to ongoing investment in new coal, oil and gas.


“The NAB, like all of Australia’s Big Four Banks, has failed to rule out investment in new coal, oil and gas despite overwhelming evidence that climate change is already impacting our region,” said’s Blair Palese. “While the NAB has substantially increased its investment commitments for renewable energy, green bonds and other low carbon options, failing to rule out new fossil fuels means failing on climate leadership.” has just launched a national petition calling on all of the Big Four Banks to rule out investments in new coal immediately and to provide phase out plans for oil and gas for the near future.


“For more than four years, Australian bank customers have protested and divested from the Big Four banks because of their collective failure to rule out investments in polluting fossil fuels and as of today that fight must continue,” Palese said. “It’s impossible for the big banks to say they are committed to preventing global warming above 2 degrees Celsius without ruling out new coal, oil and gas.”


NAB’s updated climate change commitments today include expanding its environmental financing commitment from $18 billion by 2022 to $55 billion by 2025, including $20 billion for projects that reduce emissions and $35 billion for 6 star residential housing in Australia. NAB plans to source 50% of its Australian electricity demand from renewable energy projects by 2025, up from 10% by 2018, but 350 notes this was less than was expected.



For a full copy of NAB’s sustainability report, see: